Despite various efforts by Michael Saylor's company, MicroStrategy (MSTR), to increase investor confidence, the multiple that investors are willing to pay for the company's Bitcoin holdings has been decreasing. The premium, known as Strategy's Multiple-to-Net Asset Value (mNAV), represents the market capitalization of MSTR relative to its BTC holdings. While MSTR's $76.5 billion market cap is still higher than its $45.2 billion BTC worth, the premium has declined from 240% in November to 68% currently. Saylor has announced additional BTC purchases to boost investor sentiment, but the stock price of MSTR remains lower. The mNAV is at its lowest level since May 2024, with MSTR shares trading at their lowest level since November 11.



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